LATAM CLOSE-No deals price in LatAm primary market

miércoles 2 de marzo de 2016 17:56 GYT
 

* Province of Buenos Aires starts roadshows
    * Argentina's IRSA approves up to US$470m debt issue
    * Colombia picks banks for investor meetings in Europe
    * Votorantim Cimentos seeks to buy back euro debt

    By Mike Gambale
    NEW YORK, March 2 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:     
    
     SOVEREIGN      3/1   2/29  2/26  1D   10D   YTD   2015/16 HIGH
 BARBADOS           644   653   652   -9    -4   40   659 (2/11/16)
 BRAZIL             457   473   480   -16  -52   -29  542 (2/11/16)
 CHILE               93   104   104   -11  -20    7   143 (2/11/16)
 COLOMBIA           327   347   344   -20  -37   38   412 (2/11/16)
 COSTA RICA         537   554   555   -17  -32   20   587 (2/11/16)
 DOMINICAN REP      449   472   478   -23  -56   34   542 (2/11/16)
 ECUADOR            1376  1439  1441  -63  -248  61   1765 (2/11/16)
 EL SALVADOR        662   698   716   -36  -146  22   840 (2/11/16)
 GUATEMALA          335   357   361   -22  -28   33   385 (2/11/16)
 JAMAICA            470   473   482   -3   -21   21   519 (2/11/15)
 MEXICO             215   228   228   -13  -31   21   278 (2/11/16)
 PANAMA             199   217   227   -18  -43   -7   272 (2/11/16)
 PERU               233   251   253   -18  -39    2   291 (2/10/16)
 TRINIDAD & TOBAGO  156   166   162   -10   -6   58   173 (1/15/15)
 URUGUAY            275   293   297   -18  -41    7   344 (2/11/16)
 VENEZUELA          3114  3051  2932  63   -105  322  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Except for Venezuela, all LatAm sovereigns tighten overnight
    
    
    LATAM PIPELINE:
    Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting
with fixed-income investors in Europe to discuss opportunities in the capital
markets this year.
    Finance Minister Mauricio Cardenas will attend the meetings, which start on
March 8 in London. Discussions continue in Germany on March 9, the Netherlands
on March 10 and in London again on March 11.
Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody's, S&P and Fitch.
    The Province of Buenos Aires will start fixed-income investor meetings this
week in Europe and the U.S. as it seeks to market a potential US dollar bond.
    The issuer has mandated Citigroup, HSBC and JP Morgan to take it on the road
and is scheduled to visit investors in London on March 4, New York on March 7
and Boston and Los Angeles on March 8. Ratings are Caa2/B-/B-
(positive/stable/stable).
    The board of Argentine real estate developer IRSA has approved the issuance
of up to US$470m of debt, according to a filing with local regulators.
    The province of Buenos Aires is expected to come with a deal after local
papers reported Citibank, JP Morgan and HSBC have been mandated on an up to
US$500m bond deal for which the borrower hopes to pay anywhere between 9%-9.5%.
    The province of Mendoza is looking to raise US$300m in both the local and
international markets to refinance debt, according to local reports. 
    And while Neuquen province is in less of a rush thanks to tax receipts from
the federal government, it too is contemplating a bond issue. 
    The United Mexican States has filed an up to US$10bn debt shelf with the US
Securities and Exchange Commission. Proceeds will be used for general purposes,
including refinancing and the repurchase of debt.
    Argentine E&P company Medanito has wrapped up roadshows ahead of a possible
transaction through Itau and UBS. Expected rating is CCC+ by Fitch.
    Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a
roadshow through Goldman Sachs. The company is looking to raise up to US$272m of
bonds, according to Fitch, which has rated the senior secured bonds BBB-.
    Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto
Huertas Cotes, and Constructora MECO SA. Structure Banca de Inversion is acting
as its financial advisor.
    Argentina utility Pampa Energia's shareholders have approved a US$500m debt
program.
    Uruguay plans to raise up to US$1.5bn in bonds this year.
    Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA"), rated A- and A  by S&P
and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to
arrange a series of fixed income investor meetings in Europe. 
    The investor meetings are expected to take place in the week commencing 7th
March 2016. A euro-denominated bond transaction may follow subject to market
conditions. 

 (Reporting By Michael  Gambale)